IDR strengthens to Rp16,180/USD. (Image via Bisnis Tempo.co)

PSBB, BI-The Fed hoists IDR to Rp16,180/USD

On Wednesday’s foreign exchange (forex) spot market opening, the Indonesian Rupiah (IDR) is seen at Rp16,180 against the U.S Dollar (USD). The rate went stronger by 20 basis points or 0.12 percent compared to Tuesday’s closing rate at Rp16,200/USD. For today, IDR is moving around Rp16,200 - Rp16,500/USD.

Today, the majority of currencies of Asia – ASEAN countries weakened instead, against USD. Malaysian Ringgit (MYR) weakened by 0.45 percent, Chinese Yuan (RMB) by 0.31 percent, Thai Baht (THB) by 0.28 percent, Singaporean Dollar (SGD) by 0.23 percent, Japanese Yen (JPY) by 0.04 percent, and Hong Kong Dollar (HKD) by 0.01 percent.

Only S. Korean Won (KRW) and the Philippines Peso (PHP) strengthened by 0.08 percent.

On the other side of the world, the majority of currencies of the developed countries remain at the red level. The Australian Dollar (AUD) weakened by 0.57 percent, Canadian Dollar (CAD) by 0.29 percent, Swiss Franc (CHF) by 0.18 percent, European Union Euro (EUR) by 0.16 percent, And Great Britain Pound sterling (GBP) by 0.1 percent.

Only the Russian Ruble (RUB) strengthened by 0.55 percent.

Indonesian forex experts stated that the IDR strengthened today due to the positive sentiments over the cooperation between Bank Indonesia (BI) and its U.S counterpart, The Federal Reserve (The Fed).

Furthermore, the concrete action of the Indonesian government implementing the large-scale social distancing (PSBB) in Jakarta to tackle novel coronavirus (COVID-19) outbreak in the capital is seen as a supporting factor as well.

Source: https://bit.ly/39NaydD